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Clearing of debt a safe move

With the city’s debt accounts funded for the final two years of payments, the Wapakoneta City Council Finance Committee chair intends the general fund money paid into those accounts in the past can finally pay for other needed equipment.
Councilor-at-large Wilbur Wells and his fellow Finance Committee members reviewed debt funds and various other city accounts during Thursday’s budget meeting held at the Wapakoneta City Administration Building.
“We’ve paid these funds ahead so the general fund is under no obligation to fund these debt accounts anymore,” Wells said. “It is great to have this money free and clear of the debt funds, but of course, there are still streets which need to be repaved and reconstructed and there are safety vehicles that need replaced.
“These funds will go a long way into making dents into those needs,” the Finance Committee chair said. “I know the fire chief (Kendall Krites) is looking into a new ladder truck since the existing one needs replaced in the coming years.”
A new pumper truck costs approximately $500,000 and could climb as high as $1 million when city leaders finally decide to replace the vehicle.
Wells said the committee plans to review the Engineering Fund, the Water Fund, the Wastewater Fund and the Electric Fund during a budget meeting scheduled for 7 to 9 p.m. Tuesday.
“The ideal situation is to go through all these funds, but it will be the first time we will see them so I don’t know if that is possible,” Wells told the Wapakoneta Daily News. “We will do our best to go through them, but if we don’t we will start with those funds during a budget meeting to be held on Dec. 20.”